How prepared are you for retirement?

A new survey has revealed a high level of public unawareness of impending pension changes and the need to plan.

Although the media is focused on potential surprises in the November Budget, recent research indicates that many people remain unaware of ongoing pension reforms and current tax changes.

A survey conducted for a UK wealth manager of 1,500 individuals aged 45 and above found:

• More than half of respondents were “not at all aware” of upcoming policy changes that could affect their pensions, such as the increase in State Pension age from April 2026 and increased minimum age of 57 to access private pensions from April 2028. 
• 29% of people intended to pass their pension savings on to family or heirs, either in part or in full, but only 15% said that they fully understood the tax rules around passing on their pension and had planned accordingly. Those claiming such knowledge were probably unaware that the final legislation on the subject is still months away. A more credible 23% admitted that they did not understand the rules “at all”.  

The survey further indicated that over 40% of respondents did not possess an up-to-date financial plan or designated retirement savings, while slightly more than one-quarter had no plan in place at all. A comparable proportion anticipated that they would be able to sustain only a minimum standard of living upon retirement.

If these findings reflect your situation—or that of a family member—it is time to take action. The survey revealed that over 40% of those saving for retirement wish they had started earlier. To get started:

• Gather the details of your pensions, including those that you are no longer contributing to and plans linked to former employers. 

• Get a State Pension projection by going to www.gov.uk/check-state-pension.  

This can provide an initial estimate of your pension income, though its usefulness may be limited, as different pensions often commence at varying dates. To complicate matters further, your retirement income will not just be pensions – there will be the income that can be generated from your savings and investments to consider. 

If it all feels confusing or overwhelming, it may be time to do what 60% of survey respondents had never done—seek tailored financial advice.

The value of your investment and any income from it can go down as well as up and you may not get back the full amount you invested. 

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Important information:

This blog is for general information only and does not constitute advice. We recommend you speak to your financial adviser before making any decisions. The information is aimed at retail clients only. No statements or representations made in the article are legally binding upon Shackleton Advisers Limited or the recipient.

All references to taxation are in relation to UK taxation and are based on our current understanding of UK laws and HMRC practices. Tax reliefs may change in the future and may not be maintained.  Tax treatment is based on your individual circumstances. All other information is based on our understanding of current legislation and regulation which may be subject to change.